Alan Brozel, a 74-year-old retiree, and his wife Paulene, moved to Spain to enjoy their newly reached retirement after an intense life of work. But this dream did not turn out as they expected since the company in which they had invested for their pension plans went bankrupt, losing 175,000 euros. All your savings. Now they are collecting 600 pounds of pension (687.27 euros).
At 50 years old, Brozel requested the early retirement and they granted it to him, so he moved to Spain with his wife to enjoy the end of his professional career on the Costa Blanca, specifically in Gata de Gorgos (Alicante), as he published exclusively DailyMail. In this newspaper, it is explained how the retiree now dedicates himself to completing his meager pension by cleaning luxury houses or taking care of dogs at home since with the money they have left, it is not enough to survive day to day.
They both decided to invest all their savings in a pension plan from Continental Wealth Management (CWN), a company that went bankrupt by defrauding other pensioners like him. One of the problems, as he himself recognized, is that he did not have adequate financial advice, something that is recommended by all experts such as the founder of ATAIR, Antonio Rivas.
“It was all my savings, everything I had after working for a couple of companies and making some investments that had turned out well,” he explained. The problem came when, according to what he says, they gave CWN instructions for the investments to be “low risk” but “they forged our signatures to invest with high risk.”
They wanted to enjoy their retirement in Spain and now they have to work again
The intention of this marriage, after he achieved early retirement at the age of 50, was to leave his city of residence in Barnet (north of London) to spend his retirement in Alicante. They were sure that, with the money they had saved plus the nearly 700 euros that they would pay him as a pension, they could rest, travel and be calm.
Now, to make ends meet they have had to advertise on job portals, get a job and return to a working life that they had already abandoned. “We accept any assignment, cleaning houses, walking dogs or taking care of holiday apartments, we haven’t stopped working for a day,” says Alan.
Many Britons choose Spain as a place to retire, as Diane, also 74 years old. And regarding the scam they have experienced with the fraudulent pension plan, they are not the only ones. According to English media such as Express.co or The Olive, another of those affected who did not want to give his name, lost more than 200,000 euros once he invested 470,000 in this same company.
Recovering the money is almost impossible, as many of those affected have pointed out, although what hurts them most is the betrayal. “They should have protected us, but they were only looking out for their interests and I have not only lost my retirement, but my confidence.”
What happened to your savings at Continental Wealth Management
The investment company Continental Wealth Management assured those who entrusted their savings that they would obtain high returns. But the reality was very different, false signatures and high-risk products with conditions that they were unaware of, within the Pension Plan they contracted.
“Our idea was very different, we wanted our retirement to be a vacation, with trips around the world and to be able to pay for it with our money, now I have my pension of 600 pounds and what I earn working.”